In Cameroon, a profound economic transformation is unfolding not within the walls of traditional bank branches but on the screens of millions of mobile phones, fundamentally altering how commerce is conducted and financial services are accessed. Recent data from the 2024 Annual Observatory of the Electronic Communications Market confirms that this shift is not merely a gradual trend but an explosive movement toward a digital-first economy. The mobile financial services industry has emerged as a powerhouse, driving financial inclusion on an unprecedented scale by providing accessible digital wallets to a large segment of the population previously excluded from the formal banking system. This rapid adoption signifies more than just a new payment method; it represents a foundational change in the country’s economic infrastructure, empowering individuals and small businesses with tools for saving, transferring, and managing money with newfound ease and efficiency. The sector’s staggering growth has become a central pillar of Cameroon’s digital evolution.
A Surge in Revenue and Market Dominance
The financial muscle of Cameroon’s mobile money sector became undeniably clear in 2024, with total industry revenue soaring to an impressive CFA 135.84 billion. This figure represents a monumental 146.40% increase from the previous year, an expansion largely clarified by the inaugural inclusion of revenue data from Orange Money Cameroon. This new transparency provides a far more complete and accurate picture of the market’s true economic weight, revealing a vibrant and rapidly maturing industry. At the heart of this growth are two dominant players: MTN Mobile Money Corporation and Orange Money Cameroon. MTN continued its strong performance, with its revenue climbing by over 27% to reach CFA 70.2 billion. Meanwhile, Orange Money’s reported revenue of CFA 65 billion solidified its position as a formidable competitor, effectively establishing a duopoly in the market. This financial success underscores the sector’s profitability and its critical role in the telecommunications industry’s diversification beyond core voice and data services, cementing its status as a key economic driver.
The Expanding User Base and Future Outlook
The financial boom in Cameroon’s mobile money sector was directly fueled by an unprecedented surge in user adoption and transaction frequency throughout 2024. The sheer volume of activity underscored a fundamental shift in consumer behavior, with the number of transactions rising by a remarkable 47.3% to exceed 1.82 billion. This was driven by a growing base of 11.429 million active mobile money subscriptions, meaning nearly 39% of all mobile network subscribers in the country held and used an electronic mobile account. This widespread embrace of digital wallets transformed daily commerce, extending far beyond simple peer-to-peer transfers to include bill payments, merchant services, and savings. The market’s rapid maturation and proven profitability subsequently paved the way for new competition. The anticipated entry of services like Wave and Blue Money was viewed as a direct response to the sector’s success, a development that promised to further accelerate innovation and reshape a competitive landscape once defined almost exclusively by two giants.
